The Shanghai Hard Fork: Unlocking Beacon Chain Staked ETH
One of the main features of the Shanghai hard fork is that Beacon Chain staked ETH will be unlocked.
The Ethereum Foundation has announced that eight Ethereum Improvement Proposals (EIPs) will be explored for the Shanghai update, the next major upgrade after the Merge. This upgrade will move the Ethereum network to a proof-of-stake consensus model, which is a more secure and energy-efficient way of running the network. This is a positive development for the Ethereum network, as it will help to ensure its long-term viability.
The Ethereum Foundation has announced that the next hard fork for the Ethereum network will be released in the second half of 2023. The hard fork will include new features and improvements that have been decided by the developers on the weekly call. This is a positive development for the Ethereum network as it shows that the Foundation is continuing to work on improving the network.
We are happy to announce the launch of an early Pre-Shanghai testnet we are calling "Shandong". https://t.co/1HpFTPUMOU
— EF JavaScript Team (@EFJavaScript) October 14, 2022
This is an experimental testnet run in cooperation with EF DevOps which activates a set of selected Shanghai-considered EIPs for early client testing.
: https://t.co/VJ4kWxupG3
The Shanghai hard fork is expected to unlock staked Ether (ETH), allowing users to withdraw their assets. This upgrade will give users who staked Ethereum prior to the merge access to their tokens, as well as any rewards they may have earned. The timeline for this process was originally 6-12 months after the merge, but it is unclear if that timeline is still accurate.
The approved proposals are expected to significantly improve the scalability of the Ethereum network by boosting throughput and slashing transaction fees. The upgrade of Ethereum Virtual Machines will also provide a major boost to the network's capabilities, making it more robust and scalable. This is great news for the future of the Ethereum network and its users.
The Ethereum community is excited about the launch of the Shandong testnet, which will allow developers to work on implementations such as the Ethereum Virtual Machine (EVM) object format. This is a significant update that will separate coding from data, which could be beneficial for on-chain validators.
The Ethereum network is undergoing a major upgrade process that is designed to drastically reduce energy consumption. The first step in this process, known as the Merge, was completed recently. This upgrade is a key part of Ethereum's efforts to become a more environmentally friendly network.
